SushiSwap’s merger with Yearn is challenging Uniswap’s market dominance
- SushiSwap is now Uniswap’s main competitor.
- The DEX has reinvented its platforms and added new features that have considerably aided its growth.
- Sushi records over $2 billion in liquidity.
Mira Christanto, a researcher with Messari, has provided comprehensive data that details SushiSwap’s recent growth since it has been integrated into the Yearn. Finance ecosystem. According to the data, Sushi has grown to become a significant competitor against Uniswap.
SushiSwap has recorded tremendous growth since December
In previous times, skeptics had labeled the DEX a “clone of Uniswap,” but the former fork appears to have found a new lease of life with Yearn, where it has been able to grab its share of pie among the Automated Market Maker exchanges.
SushiSwap has also survived some notable challenges, like the earlier rug pull that threatened its existence. Its new leadership team has also reinvented the exchange with innovations that have made it a notable competitor.
Through its Yearn. Finance partnership, the platform has integrated features like lending, franchised liquidity pools, cross-chain integrations, and a launchpad, which has helped its growth notably.
Christanto also added that SushiSwap now records over $2 billion in its liquidity and weekly volume.
Uniswap remains the leading DEX
SushiSwap, regardless of its recent success, still has a long way to go before it can be able to edge Uniswap out of the leading position among DeFi exchanges.
Presently, over 60% of all of the addresses accessing DeFi do so through Uniswap. Another notable reason is that the platform has a user base beyond that of Sushi. However, it should be noted that the leading exchange has been in existence right before that of SushiSwap.
Sushi has grown to have over $2 billion in its total value locked, two-thirds of that of Uniswap.